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Re: Biden Claims a GOP 'Blitzkrieg'

so wrong. let's see why

Originally Posted by Barbbtx

Don't forget Fannie Mae and Freddie Mac, one of the biggest reasons we had a financial crisis.

the problem we had was not with CONFORMING loans, it was those that did not conform
and for a loan to conform, it had to be one which was written according to the Fannie Mae/Ginnie Mac/Freddie Mac standards
so, those non-conforming loans were the ones written more liberally that could not have been processed and sold to the GSE secondary market

now those GSEs got hammered during the meltdown, but it was not because of the conforminlg loans they acquired in that secondary market
because the nonconforming loans were in such hot demand, and they represented high yields to those who bought them as packaged securities, there was little demand for the Fannie Mae/Freddie Mac loans ... nonconforming liar loans were easier to process

unfortunately, during the nixon regime, the federally owned and operated Fannie Mae (Freddie Mac was created the following year) was privatized. but the public still remained liable for its losses ... while the stockholders enjoyed the profits

because nonconforming loans were sought after and conforming loans were not, Fannie Mae and Freddie Mac investors complained that they were missing out on all those profits to be made in the mortgage industry. thus, the civilian management of those Government Secured Enterprises decided to buy those securitized nonconforming loans, like other investment houses. and they made lots of money for the investors and lots of bonuses for the civilian managers - until the bust

the losses of Fannie Mae and Freddie Mac were not due to their loan policies but to the greed of their managers and investors. the cost of which will now be borne by the American taxpayer

a little too late, the management of those GSEs was taken over by the federal government. the time to impose regulation passed. it is no longer under civilian exploitation

I'm so glad they finally got regulated in the financial deform bill. Oh! That's right, Barney and Chris and the other dems were having none of that. They are still allowed to conduct corruption as usual.

wrong. the corrupt civilian management, the ones playing roulette with the taxpayer aborbing any resulting losses, is no longer in charge. the government is back again directing those institutions. recall, it was the government management of the programs which caused them to be so profitable that they became privatized on that republican, nixon's watch

and yes, i realize this was a waste of time, because you will post the same nonsense in the next thread, avoiding anything truthful about the GSEs' actual role in the financial meltdown. but i am guessing you also supported mccain while he was saying "the fundamentals of the economy are sound" as the economy sank

we are negotiating about dividing a pizza and in the meantime israel is eating it ​